Although you are beginning your college education and concentrating on the many new experiences which will fill these years, most freshmen and their families are not giving much thought to the financial independence and responsibilities that accompany this first step into adulthood. Since many high schools do not offer courses that teach this most important skill, you will either have learned it at home or have no background at all. This could result in the student graduating after four years with a substantial amount of debt that needs to be paid off, usually in addition to student loans requiring repayment. If you learn your lessons now, you may be very thankful at graduation time.

Begin by having discussions between parents and student as to who is paying for what, and how. What expenses do parents expect the student to be responsible for while away at school? Is a part time job necessary? If so, you should begin seeking employment immediately as many others will be competing for the same positions.

Work together with your parents and complete a budget by estimating expenses. Changes may be necessary, so plan on updating your budget every week or two, especially at the beginning.

Set up checking and savings accounts. Learn to balance your checkbook and verify your transactions weekly online. This is necessary because identity theft happens and it appears to be even more prevalent in dorms where everyone lives together in close quarters.

Be ready to learn from your mistakes. Problems will most likely arise, especially at the beginning of the year, but be ready to make adjustments and discuss with parents. One of the largest mistakes for college students is being charged late fees on credit cards. Some avoid this by setting up automatic payments from banks accounts. This is a solution you might consider.

There is nothing wrong with having a credit card if used properly. It’s a great backup in emergencies, but do not fall into the trap of believing you can have anything you want just by signing your name. There will always be a price to pay for that attitude.

If you are having difficulties and your school does not offer a personal finance course, take accounting and it will provide an excellent basis for managing your money.

There will be times when you will have to pass on going out with friends due to lack of funds. Be ready to make a few sacrifices like this and, when it’s something special, you’ll be able to afford it. Also, consider learning to cook so if you decide to move off campus, or have a kitchen available to you, you can save a great deal of money by making your own meals.